Requirement 1. Compute the direct material price variance and the amounts in the formula to the nearest cent and then round the final v (U) Abbreviations used DM - Direct materials) First determine the formula for the price variance, then compute the p Actual Results 1. Compute the direct material price variance and the direct material quantity variance 2. Who is generally responsible for each variance? 3. Interpret the variances Earthen Ware allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 1,400 flower pots Direct materials. Direct labor... Actual variable manufacturing overhead... Actual fixed manufacturing overhead Standard fixed manufacturing overhead allocated based on actual production.. Purchased 23,460 pounds at a cost of $6 40 per pound, used 22,960 pounds to produce 1,400 pots Worked 3.3 hours per flower pot (4,620 total DLH) at a cost of $12.00 per hour $8.70 per direct labor hour for total actual variable: manufacturing overhead of $40.194 $20,500 $25,200 Standards Done Print Direct materials (resin) Direct labor... Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead... Standard fixed MOH rate. 16 pounds per pot at a cost of $6.00 per pound 30 hours at a cost of $13.00 per hour $800 per direct labor hour $21.200 $6.00 per direct labor hour (DLH)